Ron Guth:
The 1873 No Arrows Quarter Dollar can be found in two versions: Closed 3 and Open 3. Mint officials rejected the Closed 3 variety because it looked too much like an 8, and replaced it with the Open 3. Of the two versions, the Open 3 is clearly the more common and can be found in higher grade than the Closed 3. The generally high quality of this date is reflected in the PCGS Condition census, where the lowest grade is MS64. The best examples top out at MS66. This date is known for frosty luster and excellent striking qualities.